Getting Started With Trading
Wow…Can I get a drumroll. This is the moment we have all been waiting for. An easy explanation on how to really get started trading. I want to go into detail on this subject to make it as easy to follow so I am going to break this down into 3 blog posts.
- This blog: I will explain what two apps to get and what website I use to know when to trade. I will help you guys set up an account on both apps and I will show you how I use the website, ‘Trading View’, to predict what the market will do in the future.
- I will teach you the basics on how to use to understand the charts on ‘Trading View’ so you can start trading with fake money. This will have an emphasis on trading commodities and cryptocurrency.
- I will teach you different ways of reading the charts on ‘Trading View’ so you can swing trade which is investing in stocks and holding them for a couple weeks while you go about your life and then selling them for a profit. This will have an emphasis on trading stocks.
Before we get into this blog post I want to welcome you to my blog. If you are new to the blog, my name is Trav and I invest in stocks, gold, and cryptocurrency. I started this blog because I have been able to make anywhere from 5%-40% a day in profit. To put this in lame terms, I am making what the professionals make a year, every single week. I love helping people so I figured creating a financial blog and YouTube channel would help me to spread my knowledge to others in a super simple way. Sidenote: I write how I talk rather than writing grammatically correct in every instance so I can add more character to my posts and because writing and english are by far my weakest subjects…
The Two Apps
When I first downloaded these two apps, I had no idea where it would lead me. I’m going to be honest, I was skeptical and for some reason a little nervous. Maybe I was nervous because I heard how 90 percent of traders lose money and how 80 percent of traders quit within 2 years. It was at that moment that I had to realize, like most people, I was ready to make money but not ready to take the time to learn. So I want to tell you guys something. At the beginning, if you are just getting started, you will most likely lose money. This is normal and you don’t have to lose real money. You can lose while you practice with fake money. Once you start winning consistently, that’s when we can take it to the real money trading. Now let me teach you how. Go to your app store and get ready to get the two apps.
- MetaTrader 4 (The app we talked about in last weeks blog)
- Trading View (I rather you just go to the website on your laptop for simplicity)
Setting Up MetaTrader 4 App
Follow the steps below and you will be set up in no time.
- Go online (on your computer) to KOT4X.com and click sign up. They should send you an email with your login information.
- Now leave your computer and go to your phone.
- Open up your app. You should be at a blank screen like shown below.
- Click on the settings tab on the bottom right.
- Click on the top tab above “New Account”
- Click on the plus sign in the top right.
- For now click on “Open Demo Account”
- Type in the search bar KOT because they will be your broker.
- Click KOT – Demo and sign in if necessary.
- Change your leverage from 1:500 to 1:100 to lower your risk when you trade and change deposit from $100,000 to whatever is most likely how much you will invest with real money once you get better at trading. Don’t worry all this is fake money and you won’t be charged.
- Now you hit register at the top right and you are almost ready to go.
- Go the Quotes page and click the plus sign on the top right and add gold which is under the metal section. XAU is the ticker symbol for gold. This is where you can add cryptocurrency if you want to trade that as well.
Now you are all set up. To execute your first trade go to the quotes page and click on XAU/USD and hit ‘Trade’. From here you can choose to ‘Sell by Market’ meaning you make money when gold falls in price. Or ‘Buy by Market” meaning you make money when gold rises in price. I am going to go more into detail about this later this week. I am also going to go through all of this again in a video I release on Friday so do not worry if you are a little lost. The most important thing is that you do not give up and you keep trying to learn.
Setting Up Trading View
Trading view is as simple as going to Tradingview.com and creating a free account. I do not recommend paying for the monthly upgraded account until you are making a good amount of money. Even though I am now making money neither me nor the people I trade with have a premium account, so do not feel like you are missing out. Once you have an account play around with the site and familiarize yourself with it a little bit. If you do not know how to read charts. No worries, that is coming soon.
Well thank you guys for coming back for another blog. I hope you learned something but if you are still lost, do not worry. I will go over everything again in the video that will be released later this week. Also if you are an experienced investor/trader and want to learn more about sharpening your skills. Learning more about how to enter the market at the perfect time, do not worry I will be posting every Wednesday for my more experienced crowd starting next Wednesday. So subscribe below and follow me on Instagram @TheeDailyTrader so you don’t miss it.